Business

Wall Street Journal sale gains shareholder's OK

Posted December 13, 2007 10:00 pm

Reuters

NEW YORK -- Dow Jones & Co. Inc. shareholders voted to approve a $5.6 billion buyout by Rupert Murdoch's News Corp. on Thursday, giving Murdoch control of one of the world's most influential newspapers, the Wall Street Journal.

Shareholders controlling 60.27 percent of Dow Jones' voting power approved the deal, priced at $60 per share.

Moments after the deal closed, Murdoch said on Fox News' "Your World with Neil Cavuto" show that a free Wall Street Journal Web site could boost its current viewership from 1 million paid subscribers up to 20 million global visitors as early as next year.

"There will be more than enough advertising to make up" a loss of subscription fees to WSJ.com, he said. "It might take a year to get there. But it will get there."

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